The State Bank of Pakistan (SBP) has introduced new measures to facilitate IT exporters and freelancers in line with the government’s focus on boosting the country’s exports.
IT Exporters
IT exporters can now retain up to 50% of their export proceeds in their Exporters’ Specialized Foreign Currency Accounts (ESFCAs). This will give them more flexibility to manage their finances and invest in their businesses.
Simplified utilization of ESFCAs:
IT exporters can now make payments from their ESFCAs without any prior approval from the SBP or banks. This will reduce the administrative burden on businesses and make it easier for them to conduct international transactions.
Issuance of debit cards:
The SBP has advised banks to facilitate the issuance of debit cards to IT exporters, enabling them to make online payments from the balances available in their ESFCAs. This will further improve the convenience of IT exporters.
Freelancers
![SBP Introduces New Measures to Facilitate IT Exporters,Freelancers](https://techprenour.com/wp-content/uploads/2023/10/download-15.jpg)
Easy bank account opening:
Freelancers can now open bank accounts both digitally and physically with minimal documentation requirements. This will make it easier for them to participate in the formal economy and access financial services.
Concurrent opening of ESFCAs:
Freelancers can now open ESFCAs concurrently with the opening of their primary PKR accounts. This will allow them to start retaining their export proceeds immediately.
Higher retention limit:
ESFCAs:
Freelancers can now make payments from their ESFCAs without any prior approval from the SBP or banks. This will make it easier for them to manage their finances and conduct international transactions.
The new measures introduced by the SBP are a welcome step and will go a long way in facilitating IT exporters and freelancers. This will boost the country’s exports and help to create jobs and generate economic growth.
Summary
- IT exporters can now keep more of their earnings in foreign currency accounts.
- IT exporters can now use their foreign currency accounts to make payments without having to ask for permission from the central bank.
- IT exporters can now get debit cards for their foreign currency accounts.
- Freelancers can now open bank accounts more easily.
- Freelancers can now open foreign currency accounts at the same time as they open their regular bank accounts.
- Freelancers can now keep more of their earnings in foreign currency accounts.
- Freelancers can now use their foreign currency accounts to make payments without having to ask for permission from the central bank.